Business news 23 Feb, 2021

Reliance announces O2C biz spin-off into 100% subsidiary - Moneycontrol.com

Reliance Industries said that the promoter group will continue to hold a 49.14 percent stake in the O2C business following the reorganisation

Asian stocks slip as global rally skids on inflation fears - Moneycontrol.com

The Australian S&P/ASX 200 fell 0.11% and South Korea’s Kospi declined 0.87% in early trading. Hong Kong’s Hang Seng index futures rose 0.54%. Japanese markets are closed for a public holiday on Tuesday.

Stocks plunge amid fears of second wave - Mint

Concerns over rising cases and a likely surge in inflation drag stocks

How PLI scheme is boosting Indian manufacturing - Mint

The production-linked incentive (PLI) scheme is a central government scheme that seeks to make India an efficient, equitable and resilient manufacturing hub, on the lines of Prime Minister Narendra Modi’s call for a self-reliant India. Mint explains:

Zomato raises $250 million in funding from Tiger Global, Kora and others - Moneycontrol

As per the latest filing by Info Edge, $115 million has been invested by Kora Management LP, $55 million from funds associated with Fidelity, $50 million from Tiger Global Management, LLC, $20 million from Bow Wave Capital Management, LP and $10 million from …

Bitcoin extremely inefficient for transaction, says US Treasury Secretary Janet Yellen - Hindustan Times

The most popular cryptocurrency on Monday fell to $47,400, a one-week low. At one point, it lost nearly 17 per cent of its value.

P-notes investment slips to Rs 84,976 crore at January-end - Moneycontrol.com

P-notes are issued by registered foreign portfolio investors (FPIs) to overseas investors who wish to be part of the Indian stock market without registering themselves directly.

Bharat Forge to make armoured vehicles for Indian armed forces - Moneycontrol.com

The agreement Bharat Forge and Paramount Group will see the production of Kalyani M4 - a multi-role platform designed to meet the specific requirements of armed forces.

2021 Maruti Suzuki Swift Facelift Official Teaser Out - Launch Soon - RushLane

Maruti Suzuki will be launching the facelifted Swift in the next few days which will feature few cosmetic and feature updates.

Tech Drags Nasdaq 100 to Three-Week Low; Oil Jumps: Markets Wrap - BloombergQuint

Japanese equities outperformed and shares also rose in South Korea.

Airtel ropes in more than half-a-dozen investment banks to raise over $1 billion via overseas bonds - ETTelecom.com

Bharti Airtel is believed to have appointed more than half-a-dozen investment banks, including Bank of America, Barclays, Citigroup, JP Morgan, HSBC, and Standard Chartered Bank, who will help the telco raise a shade over $1 billion (Rs 7,500 crore) via overs…

Explained: Here’s why petrol and diesel prices are rising in India - The Indian Express

Petrol and Diesel price today: Retail prices of automobile fuels have reached record highs across the country. Petrol and diesel are taxed heavily in India, and oil price decontrol is a one-way street — the consumer never benefits.

Bitcoin plunges after weekend climb to record high - Moneycontrol.com

Rival cryptocurrency ethereum, which tends to move in tandem with bitcoin, also tumbled after hitting a record high on Saturday. It was last down 8.7% at $1,765.

Market Watch: Market may be in for more pain - Economic Times

Tune in as we discuss what lies ahead for the market, what should investors do now, and more!

Bharat Biotech to come up with Phase-3 efficacy data of Covaxin in two weeks: Chairman Krishna Ella - Moneycontrol

Ella said the company is in the process of ramping up Covaxin production capacity to 40 million doses per month, with the commissioning of third manufacturing site by end of this week.

All-new Tata Safari Adventure Edition: In images - CarToq.com

No one was expecting that Tata Motors will launch an Adventure edition of the Safari. The Adventure edition is a blacked-out version of the standard Safari that comes with cosmetic upgrades all over the exterior and interior as well. The prices of the Adventu…

Renault Kiger Vs Nissan Magnite Price & Features Comparison - GaadiWaadi.com

Thanks to its introductory pricing, the Renault Kiger has become the most affordable sub-4m SUV in the Indian market The sub-4m SUV segment is one of the hottest spaces in the Indian car industry right now, and the competition became even more interesting wit…

MPC minutes: Growth momentum needs to strengthen further, says RBI guv - Mint

Growth, although uneven, is recovering and gathering momentum, and the outlook has improved significantly with the rollout of the vaccine programme, he said.The growth momentum, however, needs to strengthen further for a sustained revival of the economy, he a…

Nissan Magnite for India gets 4-star safety rating: CONFIRMED - CarToq.com

The all-new Magnite has become quite popular in the Indian market and there is a waiting period of months on the car. Last month, ASEAN NCAP tested the Indonesian-spec Magnite and it received a four-star safety rating. Nissan India’s official social media han…

SAT stays Sebi's order against HDFC Bank in BRH Wealth Kreators case - Moneycontrol.com

The proceedings of Sebi had arisen on account of non-conformity by HDFC Bank with the directions contained in the interim order issued by Sebi against BRH Wealth Kreators and other entities on October 7, 2019.

BigBasket sues a bootstrapped startup for using the word basket in its name – startup calls the billion dollar - Business Insider India

Founder of Daily Basket Ramesh Vel has launched a website – “bbisabully”, calling out the billion dollar startup. Vel wrote on the website that BigBasket is

Fixed Deposit: Check The Interest Rates Of Government And Private Banks On 1-Year FD - Yahoo India News

In case you are planning to invest in a 1-Year FD, take a look at the latest interest rates of government and private banks.

Are EVs really good for the environment? - Yahoo India News

With so much going for it, are EVs really Environment friendly? Not necessarily.

Mukesh Ambani's $3.4 Billion Deal With Future Stalled By Supreme Court - NDTV

Supreme Court stopped regulatory approval for the Future Group's $3.4 billion asset sale to Reliance Industries Ltd., delaying the deal in a boost for Amazon.com Inc., which wants to scuttle the transaction in its bid to dominate the country's retail sector.

Four brokers of ICEX under SEBI scanner for payment irregularities - Moneycontrol

Market regulator follows the money trail to check for wrongdoings by Indian Commodity Exchange under Liquidity Enhancement Scheme.

Technical View: Nifty end below 14,700; India VIX rises 15% - Moneycontrol.com

Short-term traders are advised to consider fresh shorting only on close below 14600 levels, said Mazhar Mohammad of Chartviewindia.in

Boeing Says All 777s With Same Engine Grounded After United Airlines Fire - NDTV

Some 128 Boeing 777 aircraft using the same Pratt & Whitney engine which failed on a flight out of Denver have now been grounded, a spokeswoman for the giant US planemaker confirmed on Monday.

Jet is going to be a premium, full service carrier: Murari Lal Jalan - Economic Times

Jet Airways will fly 4-6 months after getting NCLT clearance.

Vedantu acquires Instasolv, a doubt-solving app – the latest in buzzing edtech acquisitions in India - Business Insider India

While the details of the deal remain undisclosed, Vedantu had also invested $2 million in Instasolv in July 2020. The latest acquisition will bring on board

Live stream and earn money on this made-in-India video sharing platform - Moneycontrol.com

Four months back Bolo Indya did a soft launch of its Bolo-Live feature where content creators can connect with their followers during their live streaming session and earn gifts.

The Leela Palaces, Hotels and Resorts makes a debut in Rajasthan's capital city with the unveiling of The - Times of India

India Business News: Located amidst tranquil environs near the Amber fort on Delhi-Jaipur highway, The Leela Palace Jaipur is set against the majestic backdrop - Mediawire

Over 5,000 Units Of Royal Enfield Meteor 350 Sold In January 2021 - GaadiWaadi.com

Last month, Royal Enfield Meteor 350 managed to retail 5,073 units, thereby posting a 40.80 per cent degrowth on MoM basis

RailTel IPO: Check Allotment Status via BSE, Registrar’s Website; Grey Market Premium, listing Date - News18

The initial public offering (IPO) of the state-owned broadband and VPN service provider RailTel Corporation of India, which concluded last Thursday, saw its highest-ever retail participation among the six initial public offerings.

DHFL case: Auditor unearths another fraudulent transaction of ₹6,182 crore - Mint

According to findings of Grant Thornton (GT), these transactions happened over a period of time.

Largest Indian Bank Calls on RBI to Make Shorting Bonds Costlier - BloombergQuint

RBI should consider steps to disincentivise short selling, according to SBI’s Soumya Kanti Ghosh.

Larsen & Toubro wins 'large' contracts in power transmission segment - Moneycontrol

Though the company did not specify the exact value of the contracts, as per its specification a large contract ranges between Rs 2,500 crore and Rs 5,000 crore.

DSP Mutual’s Vinit Sambre finds value in these 3 sectors among smallcaps - Economic Times

Domestic cyclical sectors are likely to perform given the Budget announcements and how supportive the government is being on the private sector with a manufacturing focus.

Boeing recommends airlines suspend use of some 777s after United incident - DAWN.com

Moves involving Pratt & Whitney PW4000 engines come after a United Airlines 777 landed in Denver after its right engine failed.

2021 Ford EcoSport SE Spotted During TVC Shoot In India - GaadiWaadi.com

Ford is planning to add a new ‘SE’ variant to the EcoSport range very soon, which will ditch the boot-mounted spare wheel

Vodafone Idea partners Hungama to launch premium video on-demand service for users - ETTelecom.com

The first of a kind partnership is aimed at bolstering the growth of the digital ecosystem in India and will allow Vi customers to watch more than 380 movies including Christopher Nolan’s Tenet in four languages--Hindi, English, Tamil, and Telugu.

Intellect Design Arena share price rises 4% - Moneycontrol.com

The company has been picked by Bank Rakyat Indonesia for its 'digital transformation'.

Price of Gold Fundamental Weekly Forecast - Short-Term Direction Hinges Upon Stimulus, Powell Comments - FX Empire

Bullish gold traders hope Powell downplays the rise in inflation, while warning that a jump in interest rates could stunt the economic recovery.

Franklin Templeton: What happened behind the scenes, including on risk management - Moneycontrol

The Franklin Templeton saga is a cautionary tale on how fund houses and regulators must protect the interest of investors. Ahead of a crucial hearing by the Supreme Court on February 23, Moneycontrol analyses the vital aspects of the case, based on new findin…

Hyundai 'Shield of Trust' package covers 14 wear & tear parts - Team-BHP

Hyundai has introduced a new maintenance package called 'Shield of Trust'. It is available for up to 5 years across 9 models. Unlike other packages, this maintenance package covers the replacement of 14 wear and tear parts such as brakes, clutch, wipers, bulb…

Small business lender Kinara Capital secures $10 million from IndusInd Bank - Moneycontrol

This is part of a debt and equity round of Rs 100 crore, with equity contribution coming from Kinara’s existing investors Gaja Capital, GAWA Capital, Michael & Susan Dell Foundation and Patamar Capital, the fintech non-banking financial company said in a stat…

Resurgence of covid emerges as a big risk for shares of PVR, Inox Leisure - Mint

The fall in contribution of cinemas in the movie revenue pie could diminish their bargaining power

Explained: How the ground is being set for the LIC IPO - The Indian Express

LIC IPO Launch Date, Share Price: While the government is clearing the hurdles before the IPO, one after another, market regulator Sebi has relaxed the norms to make the listing process easier and smooth.

10 Key Investments that will help you make optimum use of Section 80C Deductions to save Income Tax - taxscan.in

If you are looking to save tax, you can make an investment under 80C of the Income Tax Act. This is one of the most preferred investment avenues

Metal stocks shine in a weak mkt; Hindustan Copper, Hindalco jump up to 17% - Business Standard

JSW Steel, Hindustan Zinc, Ratnamani Metals and Tubes, Tata Steel, MOIL, and Jindal Steel were up in the range of 2 per cent and 3 per cent.

2021 Mercedes-Benz C-Class Images Leaked Ahead Of Global Debut - carandbike

The design of the 2021 Mercedes-Benz C-Class is heavily inspired from the flagship in the range not only on the outside, but on the inside as well.

KPMG hiring for 1000 positions in areas of digital transformation, cloud and data security - ETCIO.com

These roles range across experience levels from those with 2 years to seasoned individuals with 15-18 years of experience.

Heranba Industries grey market premium up nearly 25% ahead of IPO; issue opens Feb 23, should you subscribe? - The Financial Express

The WFH era: Azim Premji feels hybrid work model will drive growth & give flexibility to women joining force - Economic Times

The IT czar said that over 90% of tech industry still continues to work from home.

Elon Musk Can't Stop Tweeting About Dogecoin and Meme Cryptocurrency's Volatile Price is Proof - News18

It's official - Elon Musk is obsessed with dogecoin.

Why Torrent Power’s Stock Jumped To A Record High - BloombergQuint

70% of the analysts tracking Torrent Power recommend a ‘buy’ on the stock.

What will be the next big trigger for Reliance? - Economic Times

There are some drivers going for the Reliance stock. I have very high expectations from it., says Ajay Bagga.

Kawasaki New Motorcycle Launch Teasers - Ninja 300 BS6, Versys X300? - RushLane

Kawasaki India has teased two new motorcycles which are slated to be launched soon. They could be the Ninja 300 BS6 and Versys-X 300.

Will Citroen be different from the European pals for its ‘Grand India debut’? - ETAuto.com

For the European carmakers, India remains a tough nut to crack. Many of them, like Volkswagen, Renault, Skoda, Fiat or MINI, have not been able to make a mark. Though the Indian car market has expanded, their global products have not made many ripples here. T…

Oil prices up 20% this year. Goldman Sachs forecasts further 20% jump this year - Mint

Consumption will get back to pre-virus levels by late July, the bank said in a note

Buy or Sell: Stock ideas by experts for February 22, 2021 - Economic Times

ET Now spoke to various experts and here's what they have to recommend for today's trading session.

Influencers need to mark advertised content with disclosure labels, says ASCI's guidelines - Exchange4Media

This will ensure that consumers don't confuse the advertised content with user-generated ones

Jubilant FoodWorks, NTPC, Torrent Power: Top Stocks for Investors on February 22 - News18

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Amid dwindling interest rates, LIC of India launches new plan with guaranteed tax-free return - The Financial Express

Scoop: Dream Sports' valuation may double to $4 billion - Economic Times

Dream Sports, the operator of Dream11, Fan Code and Dream Pay, is looking to get funding by way of a secondary share sale that will provide an exit to early-stage investors, including China's Tencent Holdings.

Rupee Bounces From Worst Asia Currency on Flood of Stock Inflows - BloombergQuint

Asia’s weakest currency last year is now among its best performers.

After 9-month freeze, Centre starts clearing China FDI plans - Times of India

India Business News: The government has begun clearing foreign direct investment (FDI) proposals from China on a “case-by-case” basis, ending the freeze on such clearances

Iraq decides to freeze oil prepayments deal as oil prices rising - Economic Times

We had concerns that oil prices would not rise above $40 when we announced this deal for the first time in the history of Iraq, Ihsan Abdul Jabbar told the channel.

Texas freeze led to release of tons of air pollutants as refineries shut By Reuters - Investing.com

Texas freeze led to release of tons of air pollutants as refineries shut

Amara Raja begins work on lithium-ion cells, sets up research hub at Tirupati - Moneycontrol

Amara Raj has already invested Rs 20 crore into the hub, excluding technology transfer and bidding fees paid to the ISRO in January 2019 when the company along with nine others won competitive bids from the national space agency.

Horrific video shows engine of United Airlines plane in flames in mid-air - Times Now

In the video recorded from what appeared to be inside the plane, the right engine of the aircraft can be seen wobbling on the wing of the Boeing 777-200.